Woodward, Inc. — Director's Dealing 2021

May 10, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Woodward, Inc. (WWD)
CIK: 0000108312
Period of Report: 2021-05-06

Reporting Person: Fawzy Christopher (VP, Gen Counsel & Corp Sec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-06	Woodward, Inc. Common Stock	M	3000	$40.99	Acquired	6506	Direct
2021-05-06	Woodward, Inc. Common Stock	S	3000	$126.012	Disposed	3506	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-06	Nonqualified Stock Option (right to buy)	$40.99	M	3000	Disposed	2023-10-01	Woodward, Inc. Common Stock (3000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Woodward, Inc. Common Stock	2930	Indirect

Footnotes

F1: The reporting person executed a trade order through a broker-dealer which resulted in multiple same day, same way open market purchases, with prices ranging from $126.00 to $126.06 per share. The reporting person has reported these purchases on an aggregate basis using the weighted average price for the transactions. The reporting person undertakes to provide, upon request by the Securities and Exchange Commission staff, the Company or a security holder of the Company, full information regarding the number of shares purchased at each separate price.

F2: The information in this report regarding the number of shares held by the reporting person in the Woodward Retirement Savings Plan (the "Plan") is based on a calculation as of May 6, 2021.

F3: Options, which expire October 1, 2023, became exercisable as to 25% of the shares on October 1, 2014, and each one-year anniversary thereafter.